Thursday, October 10, 2024
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The-Merle-on-Howard-Pflugerville
DevelopmentMultifamilyTexas

Joint Venture Breaks Ground on 444-Unit Apartment Community in Metro Austin

by Taylor Williams

PFLUGERVILLE, TEXAS — A joint venture between High Street Residential and a fund managed by CBRE Investment Management has begun construction on The Merle at Howard, a 444-unit apartment community that will be located in the northern Austin suburb of Pflugerville. The garden-style property, which represents Phase I of a larger development, will consist of 15 apartment buildings and five townhome buildings on a 17-acre site. Amenities will include a pool, fitness center, pet park, coworking space and a golf simulator lounge. Delivery is scheduled for fall 2025. Project partners include Meeks + Partners (architect), HR Green (civil engineer) and Provident General Contractors. The larger development will ultimately comprise about 1,400 units across 60 acres that will be constructed over three phases. As part of the project, the joint venture will also construct a six-acre public park with pickleball courts, basketball courts, playgrounds and walking trails.

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Galatyn-Commons-Office-Campus-Richardson
DevelopmentOfficeTexas

Mapletree Begins Renovation of 215,394 SF Office Building in Richardson, Texas

by Taylor Williams

RICHARDSON, TEXAS — Mapletree, a global investment firm based in Singapore, has begun renovations on the 215,394-square-foot Building C at Galatyn Commons, an office campus located in the northeastern Dallas suburb of Richardson. The development consists of four buildings totaling 800,000 square feet. Upgrades at Building C will cover the lobby, fitness center, tenant lounge, collaboration spaces and elevator landings and will mark the completion of a larger value-add program. Galatyn Commons also features a food hall with 300-seat dining area, coffee shop, grab-and-go food service and an outdoor kitchen with grill stations, as well as an amphitheater with a 1,000-seat capacity, 150-seat conference center and multiple collaboration areas. Cushman & Wakefield has been tapped to lease the renovated space.

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DevelopmentMultifamilyTexas

Rosewood Property Begins Leasing 326-Unit Ludlow Apartments in Plano

by Taylor Williams

PLANO, TEXAS — Dallas-based Rosewood Property Co. has begun leasing The Ludlow, a 326-unit apartment community that is located within the Heritage Creekside master-planned development in Plano. Designed by Hensley, Lamkin, Rachel Inc., The Ludlow offers one-, two- and three-bedroom units that are furnished with stainless steel appliances, quartz countertops and designer backsplashes, as well as private balconies and workspaces. The amenity package comprises a pool, fitness center, coworking spaces, a clubroom and a golf simulator. Full completion is slated for the end of the year. Rents start at $2,150 per month for a one-bedroom apartment.

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IndustrialLeasing ActivityTexas

Newmark Negotiates 44,680 SF Industrial Lease Extension in Metro Austin

by Taylor Williams

ROUND ROCK, TEXAS — Newmark has negotiated a 44,680-square-foot industrial lease extension at Corridor Park I in Round Rock, a northern suburb of Austin. The tenant, Benchmark Electronics, is also expanding its footprint at Building 6 of the development. Sherry Gubera and Joshua LaFico of Newmark represented the tenant in the lease negotiations. JLL represented the landlord.

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Leasing ActivityOfficeTexas

Brunswick Group Signs 15,099 SF Office Lease in Uptown Dallas

by Taylor Williams

DALLAS — Global investment advisory firm Brunswick Group has signed a 15,099-square-foot office lease at 3811 Turtle Creek Blvd. in Uptown Dallas. The 21-story, 300,961-square-foot building features a newly renovated lobby and corridors as well as new contemporary spec suites. Amenities include a fitness center, tenant wine bar and game room, outdoor patio, conference center and onsite car wash/detailing services. Kim Brooks, Justin Miller and Scott Walker of Transwestern represented the landlord, California-based investment firm KBS, in the transaction. Jihane Boury of Savills represented Brunswick Group.

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Lofts-iThirty-Garland
DevelopmentMultifamilyTexas

Anthem Development Breaks Ground on 340-Unit Multifamily Project in Garland, Texas

by Taylor Williams

GARLAND, TEXAS — Dallas-based Anthem Development has broken ground on Lofts iThirty, a 340-unit multifamily project in Garland, a northeastern suburb of Dallas. The  community will consist of five four-story buildings with two pools, two fitness centers, a pet park, coffee bar, game room and outdoor kitchens. Construction is set to be complete in 2025. Los Angeles-based Nova Capital arranged $63 million in construction financing through Bank OZK for the project. Nova Capital also secured an undisclosed, institutional investment firm as the joint venture equity partner.

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Lyle-Dallas
DevelopmentMultifamilyTexas

KWA Construction Tops Out 334-Unit Multifamily Project in North Dallas

by Taylor Williams

DALLAS — Locally based general contractor KWA Construction has topped out Lyle, a 334-unit multifamily project located in North Dallas. Dallas-based GFF Architects designed the project, and a joint venture between Equity Residential and Toll Brothers is the developer. Lyle will offer studio, one-, two- and three-bedroom floor plans and amenities such as a pool, fitness center, coworking spaces, a pet spa, game room and Zen courtyards, as well as a 475-space parking garage. Completion is slated for November 2024.

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HospitalityLoansTexas

Sonnenblick-Eichner Arranges $21M Loan for Refinancing of Lubbock Hotel

by Taylor Williams

LUBBOCK, TEXAS — California-based Sonnenblick-Eichner Co. has arranged a $21 million loan for the refinancing of the Cotton Court Hotel in the West Texas city of Lubbock. The 165-room boutique hotel houses an onsite restaurant and bar, 4,489 square feet of indoor meeting space and a pool area with a bar, outdoor fireplaces and seating throughout. An undisclosed investment bank provided the five-year, nonrecourse loan, which carries a fixed interest rate, to the undisclosed borrower.

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AcquisitionsOfficeTexas

Cushman & Wakefield Brokers Sale of 37,500 SF Industrial Building in North Houston

by Taylor Williams

HOUSTON — Cushman & Wakefield has brokered the sale of a 37,500-square-foot industrial building located at 431 Bammel Road in North Houston. According to LoopNet Inc., the building was constructed on 5.8 acres in 2015 and features four dock-high doors, two grade-level doors and 28-foot clear heights. Landon Williams, Katie Hargett and Coe Parker of Cushman & Wakefield represented the buyer, Greenbriar Properties, in the transaction. Mike Boyd, Greg Barra and Cory Grant of Boyd Commercial represented the undisclosed seller. The building was fully leased at the time of sale.

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IndustrialLeasing ActivityLee & AssociatesTexas

Lee & Associates Negotiates 28,562 SF Industrial Lease in Northwest Dallas

by Taylor Williams

DALLAS — Lee & Associates has negotiated a 28,562-square-foot industrial lease in northwest Dallas. The building at 10701 N. Stemmons Freeway totals 83,370 square feet. Adam Graham and Ken Wesson of Lee & Associates represented the landlord, Mississippi-based EastGroup Properties, in the lease negotiations. The tenant was Baker Distributing Co. No other third-party brokers were involved in the deal.

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